Downer Group: Role Of Risk Management

Risk management is the process of prioritizing various risks to determine a the best course of action to take given set resources, importance, or abilities. Risk is determined by a simple mathematical function.

Risk management is designed to mitigate safety concerns, assure quality and protect patients’ rights. Risk management is both proactive-eliminating risks before they can occur, and reactive-after a risk has occurred, taking steps so if will not occur again. Every

Risk Management is an internal IT strategy used to align the IT risk management plans with the business strategic initiatives to reduce the IT threats. Incorporating this process will ensure IT risks are managed, and the impacts are identified and monitored effectively.

Risk management is a process for identifying, assessing and prioritizing risks of different kinds. Once the risks are identified, the risk manager will create a plan to minimize or eliminate the impact of negative events. A variety of strategies is available, depending on the type of risk and the type of business. There are a number of risk management standards including those developed by the Project Management Institute the International Organization for Standardization the National Institute of Science and Technology and actuarial societies. Organizations uses different strategies in proper management of future events such as risk assumption, risk avoidance,

Launching a high risk/ high return business is not a simple process. There are several key factors and criteria that need to be met in order for your venture to have a chance. Ignoring them would most likely result in complete failure, and this is why a large number of startups fail in their early stages. This simulation is meant to help me identify the key pitfalls and factors of success.

Risk refers to a likelihood, probability, a chance that a loss may occur in a given organization. Most of the times, there is a high risk when there is vulnerability. In this case, vulnerability refers to a weakness that the organization has. Risk assessment refers to the process of identification of potential hazards and proper analysis of the expected losses if those hazards occur (Homeland Security, n.d.). Risk assessment as a way of profiling risk according to impact to the organization. Some organizations have business impact analysis exercises geared towards determination of potential hazards based risk assessment approaches. Organizations’ risk differ depending on the size and the type of business they are doing. The disparity in organizations’ risk call for different adaptation of risk assessment approaches. Even with the disparities of the businesses, proper risk management not only ranks the risks according to the seriousness but also identifies the best methods to control risks in an organization.

According to IRM-AIRMIC-ALARM (2002), risk management actually defines every organisational strategic management; it comprises the process which identifies and treats the internal and external risks and adds sustainable value to the organisation and its stakeholders by decreasing the probability of not achieving the organisation’s overall objectives. The specific institutes suggest that risk management lies in the strategic, tactical and operational levels, and its embodiment in all tasks and roles is required; it is a consistent manner for an organisations’ operation, which leads to effective decision making, efficient allocation and protection of the organisational assets, and enrichment of the organisational

According to Freeney & Murphy ( 2013) risk management is a process of risk identification, response development, risk evaluation, continuous observing and appraisal in order to reduce the risk of injury to patients, staff and visitors. Risk has been defined as “the chance of something happening that will have an impact on the achievement of organisational stated objectives,” HSE (2008) or “the effect of uncertainty on the objectives” ISO 31000 : 2009.

Definition: A Risk is an unwanted situation which might arise in an organization which might lead to negative impact on the desired result. Risk management plans involves the analyzing, managing and evaluating the projects risk and threats. It involves layout of the entire project i.e from the beginning during and after results of the project.

develop a methodology for quantifying risks, or should each situation be addressed individually? Can we have both a quantitative and qualitative risk evaluation system in place at the same time?

Risk management is a much broader process in aviation industry. It includes basically solutions to the various risk factors. They are as follows:

Risk management is the term applied to a logical and systematic method of establishing the context, identifying, analyzing, evaluating, treating, monitoring and communicating risks associated with any activity, function or process in a way that will enable organizations to minimize losses and maximize opportunities. (Lecture notes)Risk Management is also described as 'all the things you need to do to make the future sufficiently certain'. (The NZ Society for Risk Management, 2001)

Risk management is an activity which integrates recognition of risk, risk assessment, developing strategies to manage it, and mitigation of risk using managerial resources. Some traditional risk managements are focused on risks stemming from physical or legal causes (e.g. natural disasters or fires, accidents, death). Financial risk management, on the other hand, focuses on risks that can be managed using traded financial instruments. Objective of risk management is

Risk Management is a practice that helps in identifying the potential risks in advance, analyze them and take

Risk Management—Contributing to frameworks and practices for identifying, measuring, managing and reporting risks to the achievement of the objectives of the organization.